PM 07-02-08-a: Money Set Aside in a Bank Account

Up to $1,500 of money set aside in a bank account, payable on death for funeral and burial expenses, or otherwise identifiable as a burial fund, is exempt. Apply any amount in excess of $1,500 to the client's asset limit.

The $1,500 burial fund limit on money set aside in a bank account is reduced by the amount of funds held in an irrevocable burial fund.